The restrictions on gold imports will be reviewed by March end, Finance Minister P Chidambaram said on Monday.
The government has retained 10% duty on import of the yellow metal.
In the wake of the Chinese war, it was felt in some circles that it would be feasible to make a frontal attack on demand for gold in India. Accordingly, the Gold Control Order 1962 was issued, banning the making and selling of jewellery above 14 carats, making it compulsory for gold smiths to be licensed and submit accounts of all gold received and utilized by them etc., The measures met with lot of resistance and criticism.
Gold jewellery exports may decline by about 50 per cent in this financial year from last year after government restrictions reduced the availability of raw material, Gitanjali Gems Chairman and Managing Director Mehul Choksi said.
Providing relief to the economy from widening trade deficit on account of gold imports, the inward shipments of the metal slumped in December to 39 tonnes, Commerce Secretary Rajeev Kher said on Wednesday.
Widening of the tax base, doing away with cess and surcharge, improvement in compliance and moderation in tax for emerging sectors are some of the suggestions submitted to the Finance Ministry ahead of the Budget by Think Change Forum (TCF). Experts are of the opinion that there is a need to grow tax revenues for the government to drive economic growth and make investments in developmental activities, TCF, the think tank said in a statement. Towards this end, poor compliance was identified as a weak link in achieving targeted collections leading to complex issues like overtaxing, complicated tax structures, rising litigation, among others.
In the past 18 months, the department of revenue intelligence has seized 50 containers of cigarettes, valued at nearly Rs 200 crore
India is the largest importer of gold after China.
Theft of gold from five packets had been reported to the police on January 16, 20, April 30.
Prime Minister's Economic Advisory Council Chairman C Rangarajan dashes bullion firms' duty cut hopes.
Congress MLA Sukhpal Singh Khaira was arrested by the Punjab Police in connection with a 2015 drugs case on Thursday morning, official sources said.
Ahead of the 2022 assembly elections, Churchill Alemao 'merged' the NCP with the TMC. The 'merger' took place when Mamata Banerjee was in Mumbai talking to NCP supreme leader Sharad Pawar on how to forge Opposition unity!
Any revision in gold import duty is unlikely to take place before the Budget, says finance ministry official.
Marriage season will end in the next two months and import growth is likely to taper off
Finance Minister must be hoping that Indians get over gold-addiction.
Staley watched Griner grow from a first-overall WNBA draft pick in 2013 to one of the dominant forces in the league and an American superstar who collected two World Cup golds on top of her Olympic titles.
Gold import this financial year is estimated at 945 tonnes.
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Gold prices have eased off in recent months after the formation of a new government bringing in positive sentiment back to the stock market.
The Modi government's decision to demonetise Rs 500 and Rs 1,000 banknotes will drive up interest in the bullion market
'India has about 22,000 tonnes of private gold, held by individuals and temples.' 'Much of this is locked up in safes and vaults as a dead investment. If we can put the vast reserves of gold to use, it would boost the economy,' says V P Nandakumar, executive chairman, Manappuram Finance, India's first listed gold loan company.
At 12-15 tonnes, the imports in September are estimated to be much lower than in the same month last year.
The World Gold Council, which represents the mining industry, puts India's demand between 850 and 950 tonnes in 2014.
Minutes after she concluded her press conference, she told a TV channel that her colleague Sarith PS, who also worked with her at HRDS India, had been kidnapped in broad daylight from her home by 3 or 4 unknown people.
The best way to curb gold demand is by reducing black money in circulation.
Suresh and Sarith had moved a joint plea seeking protection from arrest in the case lodged by the police on the complaint of a ruling Left Democratic Front MLA's complaint alleging conspiracy behind her revelations against him, the chief minister and his family.
CAD touched a historic high of $88 billion in 2012-13.
For Pinarayi, a victory in Thrikkakara would have come as public endorsement of his development initiatives, including controversial K-Rail project, which has witnessed widespread protest
The government is doubling down on existing 'temporary' restrictions on the import of gold. Some were introduced under the last administration, and had a transitory effect, reducing gold imports through the official channel.
Gold demand in rural India is expected to be lower this year with weak monsoon affecting household savings, according to the World Gold Council (WGC).
After a marathon discussion lasting nine hours, the motion was defeated with 87 members opposing it and 40 supporting in the 140-member house with two vacancies.
Bambai Meri Jaan features horrific massacres and violence so brutal that it ought not to be seen on a home entertainment platform, warns Deepa Gahlot..
By tying gold imports directly to export volumes, India is effectively trying to cap how much bullion can be brought into the country, tightening supplies and driving up local prices.
In an interview to Business Standard, Rangarajan says CAD will be brought under control at around two per cent of the gross domestic product.
Mohanlal's Loham is not original at all, warns Paresh C Palicha.
They are now scaling or shutting down their businesses because they can't compete with untaxed grey market gold. India's gold smuggling has increased significantly since the import duty was increased in the Union Budget 2019 in contravention with the broader market expectations of a cut.
One of the lawyers representing the two Youth Congress workers confirmed that the court of judicial first class magistrate in Thiruvananthapuram directed the Valiyathura police to register an FIR.
'The entire idea behind the serial bomb blasts was to strike fear in the minds of Indians.' 'I don't think the blasts were targeted to derail the Indian economy; the idea behind the blasts was retribution.'
Prime Minister Narendra Modi on Tuesday targeted Kerala's ruling Left Democratic Front over the gold smuggling scam, saying the Communist Party of India-Marxist-led government "betrayed" the people of the state just as Judas did to Lord Jesus for a few pieces of silver.
The consent is akin to a blanket nod for the agency to probe scheduled offences specified in the Delhi Special Police Establishment Act (DPSE) Act, 1946.
A Russian court on Tuesday dismissed US WNBA basketball star Brittney Griner's appeal against a nine-year sentence for possessing and smuggling vape cartridges containing cannabis oil, paving the way for her to be sent to a penal colony, in a court case that Washington has called "sham".
